You know how they say you shouldn't try on a wedding dress you cant afford? or drive the luxury car? buying a house is a lot like that. A pre-approval will allow you to stay comfortable within your purchasing powers!

The DO’S

For all borrowers:

Gather your most recent W2(s)

Have paycheck stubs for the most recent 30 days

Checking & Savings accounts for the last 2 months (no screen shots)

401(k) statements, investment statements, stocks and other investments

Photo ID (driver's license, passport) double check expiration!

If you already own property: your current mortgage statement, homeowners' insurance document page, HOA dues and a copy of your current lease (if applicable)

Self-employed borrowers:

1099's or K1's

Signed and dated YTD profit and loss

VA Loan Buyers:

Veteran DD-214 or Veteran Reservist DD256

Earnest Money:

Earnest money is a deposit that accompanies an offer to purchase real estate. This is your 'skin in the game'. This deposit is held by the Title Company, a third party who helps facilitate the closing. This deposit is given to Title as a wire or check, within 3 days of contract. Earnest money is usually 1-2% of the purchase price

Inspection:

An inspection examines the condition of a home in great detail. The inspection is ordered by the buyer, with inspector of your choice. Inspections are between $400-700. Inspection money is generally not refundable.

Appraisal:

An appraisal is a report required by a mortgage lender to determine the fair market value and general condition of a home. As the buyer, you are responsible for paying for the appraisal which is generally $500-800 and can be paid by check, card or at closing.

Closing Costs & Down Payment:

Closing Costs & Down Payment

I love helping people find their dream homes. It is important for me to understand your lifestyle, dreams and needs. Think more than just a number of bedrooms and garage spaces, I want to know about your LIFE!

Once you've found a home you love, I will put together a purchase agreement (the offer) and the contracts are standard but we can negotiate... the purchase price, move-in date, additional property, and some other small details!

I highly recommend hiring a licensed professional home inspector on any home you consider buying.

This is buyer paid expense, typically around $500-700. They’ll investigate the structural components of the house and tells you the good, the bad, and the “what-the-actual-heck is that???”.

While no house is perfect, the inspection will also give you an idea of what maintenance needs to budget for in the future.

Note - I have never written an inspection waiver for a buyer and I do not use this tactic to get an offered accepted because I do not want to put any buyer at undue risk.

Once we are out of the option period and done with negotiations, the next step is an appraisal.

An appraisal is used to determine the reasonable market value of a home on the lender’s behalf. You don’t need to be present during this, but you will receive a copy of the report once it’s complete.

The appraised value is confidential to you and the lender. We don’t share the value unless it’s under appraised.

Appraisals sometimes go awry - but I provide each appraisal with a custom packet including comps, updates, and any must-knows the appraiser might miss.

It’s time! Closing is when the seller and buyer sign their documents with the Title company.

Once all parties have signed and all monies are at the title company, it will be funded, closed and you’ll be a proud new homeowner!